Polityka makroostrożnościowa w czasie pandemii

Anna Dobrzańska

doi:10.26354/bb.6.4.81.2020

Published : 2020-12-29

Vol. 81 No. 4 (2020)

Macroprudential Policy in the Time of a Pandemic

Anna Dobrzańska

https://orcid.org/0000-0002-8243-9716

DOI: https://doi.org/10.26354/bb.6.4.81.2020

Abstract

The outbreak of the COVID-19 pandemic undoubtedly constitutes a systemic event. Although its origins are not of financial nature, it has impact on the functioning of the financial system. That is why macroprudential authorities have undertook emergency actions already at the initial stage of the crisis. The aim of this article is to present and provide preliminary evaluation of the macroprudential actions taken by the European macroprudential authorities with respect to both banking and non-banking entities within the financial sector. The crisis, caused by the COVID-19 pandemic constitutes a first important test, after the global financial crisis for the effectiveness of macroprudential policy. The overview of macroprudential actions taken in response to the pandemic suggests that capital buffers, and countercyclical buffer in particular, are crucial macroprudential policy tools.

Keywords:

macroprudential policy, macroprudential authority, capital buffers, COVID-19 pandemic, crisis management

JEL Codes

E58, G01, G28

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Dobrzańska, A. (2020). Macroprudential Policy in the Time of a Pandemic. Safe Bank, 81(4), 136–156. https://doi.org/10.26354/bb.6.4.81.2020

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